JpMorgan Wholesale Payments and Corporate Banking

Not sure if I'm too late but the gig isn't great (depending on your goals). If you want to go into IB, PE, VC, etc., it's not worth the time spent and I would get out of it ASAP (corporate banking would be the easiest lateral but it's still not *easy* per say). There's no three statement modeling. Absolutely no valuation. Your client's free cashflow or EBITDA doesn't matter and you will never calculate this.

The job is basically consumer banking but for corporates. Imagine everything you can do at a bank as a consumer....they do that for corporates, except getting them loans. What they do: liquidity AKA bank accounts for corporates (the bread and butter of the business; just like consumer banks are hungry for consumer deposits, corporate banks want Amazon's cash), corporate credit cards (like if you work at Google and they give you a company credit card; this is the card), trade & supply chain finance (paperwork for buyers/suppliers to guarantee goods and services are sent and paid for), literal cash safes/trucks that transport cash from Walmarts to banks, payments (wires, ACH, checks....literally anyway you can think of how you can send money to a person, they do that but for corporates), and more.

It's client-facing if you're in sales but as analyst, you're doing very basic tasks like selling and opening bank accounts. Maybe you're preparing a deck that tells Amazon how much cash they have in your bank account and the more senior salespeople tries to sell Amazon on some discounted wires or corporate credit cards to get them give up more of their juicy deposits. Every now and then, there's a new or updated product and you show Amazon what it is. Amazon says "maybe later" and then you try again in a few months. Maybe Amazon says they're taking all their cash from you to another bank and then you gotta prove you have the best credit card call centers or your cash management system supports complex files like XML ISO69420 or something to get them to give the deposits back.

On the product side, the work you do will vary greatly depending on the group. Product tasks are stuff like preparing decks describing what your product does for salespeople to present to clients, researching trends for your product, lots of meetings to improve the product/get a leg up on the competition....like product management stuff anywhere except you're working at a bank, so much more red tape and 0 innovation. If you're really into fintech product management, work for a fintech. Higher comp and more fulfilling work.

Comp is not comparable and never was. I know for a fact at one of the BBs that is very good at this, comp was $65K three years ago (IB, S&T, and corporate banking at the time was $85K) and bonus was <$10K. Today, you'll break $90-95K base at the first-year associate level but bonus could still be <$10K, although not that typical.

Pros: Great job security. Can be decent hours, maybe even a 9-5 depending on the group. The work isn't hard and doesn't need a background knowledge but does require you to wrap your head around lots of jargon (including regulation and technical jargon).

I don't think this is a bad job per say. It is a decent white collar job with a clear hierarchy of progression. You can get client-facing experience from day 1 in sales (compared to IB which will take years), and if you're lucky, you could have a portfolio of clients before you're 30. But you gotta be into the stuff you're selling. Personally, it looks to dry for me and the comp isn't high enough for my liking.